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Today Business News Live Updates December 22, 2024: Get all real-time and latest live news on business, economy, companies, financial news updates.
The upcoming Noida International Airport is set to boost the local economy with around 172 acres carved out for a Commercial District which will over time house hotels, restaurants, bars, and shopping centres as well as recreational facilities.
Speaking to businessline, Noida International Airport (NIA)’s Chief Executive Christoph Schnellmann said NIA is poised to become a hub for economic growth, with plans to develop world-class commercial real estate.
Read full report here
Rohan Mirchandani, the co-founder of Greek Yoghurt makers Epigamia, has passed away after suffering a cardiac arrest, confirms the brand’s parent company Drums Food International.
Epigamia’s senior leadership, led by Ankur Goel, the COO & Founding Member, and Uday Thakker, the co-founder & Director, will continue to steer the company’s operations with the support of the Board of Directors, including Rohan’s family, Raj Mirchandani, Verlinvest, and DSG Consumer Partners, it also shared.
Read full report here
India has the potential to be a key producer of sustainable aviation fuel by utilising its ethanol supplies and availability of lipids feedstocks like non-edible industrial oils, according to a senior official at the global airlines’ grouping IATA.
Read more
Data collection, regional disparities in opportunities, investments and capacity building are the major challenges the domestic hospitality sector faces, according to a recently released report by the Confederation of Indian Industry (CII).The report, brought out in collaboration with Ernst & Young India (EY), said that the limited availability of comprehensive data regarding employment trends, workforce dynamics and skills requirements poses a challenge for effective policymaking and planning within the industry.
Read more
The combined market valuation of all the top-10 most valued firms slumped ₹4,95,061 crore last week, in line with a bearish trend in equities, where Tata Consultancy Services and Reliance Industries faced the sharpest erosion.
Last week, the BSE benchmark tanked 4,091.53 points or 4.98 per cent.
Read more
The institutional flow in the Indian equity markets will remain a driving force in the calendar year 2025, as it witnessed robust institutional flows of nearly ₹4 lakh crore in 2024, the ICICI Securities anticipated. The institutional liquidity flow has been a cornerstone for the markets’ outperformance.
Read more
US President-elect Donald Trump on Saturday accused Panama of charging excessive rates for use of the Panama Canal and said that if Panama did not manage the canal in an acceptable fashion, he would demand the US ally hand it over.
Read more
The Andhra Pradesh government and EdTech company PhysicsWallah have signed an agreement to set up a University of Innovation (UoI) at an investment of up to ₹1,000 crore.
The UoI is set to emerge as the first institute of eminence in the state and aligns with Chief Minister N Chandrababu Naidu’s aim to provide the state’s youth with education in Artificial Intelligence (AI) and other emerging technologies.
Read more
BIMARU states can no longer be considered as bimar (sick), if the strong growth in mutual fund industry’s asset under management from these states are anything to go by.
BIMARU is a term coined in the 1980s by demographer Ashish Bose to describe the poor economic conditions in Bihar, Madhya Pradesh, Rajasthan and Uttar Pradesh. The mutual fund AUM in these four states have grown higher than that of the industry in the last one year.
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The Indian primary market witnessed 2024 as the blockbuster year for initial public offerings (IPOs), according to a report by Motilal Oswal.
The report highlighted that a record-breaking ₹1.8 trillion was raised through more than 317 IPOs so far this year. This figure surpasses the previous high of ₹1.3 trillion set in 2021 and is significantly higher than last year’s total of ₹576 billion.
Read more
The Senate passed legislation early Saturday to boost Social Security payments for millions of people, pushing a longtime priority for former public employees through Congress in one of its last acts for the year.
The bipartisan bill, which next heads to President Joe Biden, will eliminate long-time reductions to Social Security benefits for nearly 3 million people who receive pensions from work in federal, state and local government, or public service jobs like teachers, firefighters and police officers.
Read more here.
Honda and Nissan are considering producing vehicles in one another’s factories as part of their plan to deepen ties, news agency Kyodo reported on Saturday without citing sources.
The report added that Honda will also consider supplying hybrid vehicles to Nissan as part of the plan that may lead to a potential merger, without mentioning the source of the information.
Read more here.
Mumbai-listed mining conglomerate Vedanta Ltd said on Friday that it had revised its demerger proposal and decided to retain the base metals undertaking within the parent firm. In a regulatory filing, Vedanta said that the decision was taken following deliberations with stakeholders, including lenders, regarding the scheme and approval by the board of directors in a meeting held on Friday.
Read more
The Food Safety and Standards Authority of India (FSSAI) has asked all licensed food manufacturers and importers to submit quarterly data on actions taken to dispose off rejected or expired food products. The Food Safety Authority said this new provision was being introduced to ensure that rejected or expired food items are not being rebranded and sold for human consumption. It noted this was sometimes being done under the guise of selling cattle feed. FSSAI said it wants to track the quantity of food disposed off in real time.
Read more
The Competition Commission of India (CCI) has approved UltraTech Cement Ltd’s (UltraTech) proposed acquisition of The India Cements Ltd (India Cements), paving the way for significant consolidation in the highly competitive southern cement market.
UltraTech plans to acquire a 32.72 per cent stake in India Cements from its promoters and an additional 26 per cent through an open offer.
Read more
Global professional services company Accenture announced its Q1FY25 results on Thursday, reporting a 9 per cent revenue increase that exceeded its guided range of 3-6 per cent. Analysts note that while the Indian IT sector experienced a slow recovery in the first half of FY25, clear signs of acceleration are emerging.
Read full report here
Prospects for soyabean look bearish in 2025 on record high Brazilian production, weak Chinese demand stocks, uncertainty over US biofuel policy and potential for escalation of trade tension between the US and China, say analysts.
Read more
Airline major IndiGo expects to ferry around 112 million (11.2 crore) passengers in the calendar year 2024, outdoing its previous year’s record.
Last calendar year, the airline major had ferried over 100 million (10 crore), while 78 million passengers used its flight services in 2022.
Read more
The extreme cold weather prevailing in most parts of the country is expected to bring down banana exports by 30 per cent leading to a loss of about ₹200 crore for exporters. India is the largest banana producer and exporter. The climate in key growing states such as Maharashtra, Uttar Pradesh, Andhra Pradesh, and Karnataka has dropped below 12 degrees Celsius, distorting the colour and causing internal damage to bananas that were ready for harvesting.
Read more
Seventy per cent of Indian farmers are expected to be using digital platforms for agricultural services, such as e-NAM and Kisan Portal by 2030, a report said.
The FAIFA Indian Agriculture Outlook 2025 revealed that digital agriculture is projected to increase agricultural productivity by 15 per cent and reduce costs by 10 per cent by 2030. Also the country’s irrigation coverage is expected to increase to 60 per cent of agricultural land by 2030, up from 50 per cent in 2025. Water harvesting and conservation efforts are projected to reduce water waste by 20 per cent and increase water efficiency by 15 per cent by 2030, the report said.
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Tata AIA Life Insurance Co Ltd announced the launch of its Multicap Momentum Quality Index Fund today, with the New Fund Offer (NFO) set to open from December 24 to December 31, 2024. The fund will track the Nifty 500 Multicap Momentum Quality 50 Index and invest across market capitalisations.
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The rupee saw some recovery from its all-time low level and appreciated 10 paise to close at 85.03 (provisional) against the US dollar on Friday, on softening of the US dollar index and a potential intervention by the Reserve Bank of India (RBI).
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The Supreme Court on Friday dismissed an appeal filed by the Competition Commission of India (CCI) challenging the Delhi High Court’s August 2024 decision to quash an inquiry against UK-based JCB Limited and its Indian subsidiary. The inquiry stemmed from allegations of abuse of a dominant position by JCB in the backhoe loader market. The dismissal by the Supreme Court Bench of Justices Abhay S Oka and Augustine George Masih marks a decisive end to the protracted legal battle.
Read more
India, accounting for one-fourth of the growth in global crude oil consumption, is expected to surpass China as the major source of growth in the current calendar year and the next.
According to the US Energy Information Administration (EIA), rising demand for transport fuels as the domestic economy expands as well as growing fuel consumption in Indian kitchens is propelling the growth for the world’s third largest importer.
Read more
ore Retail is looking at going for an IPO in the next 12-15 months. Backed by Samara Capital and Amazon, the retailer has been sharpening its omni-channel play with a strong focus on profitability. It is also in talks with investors to raise a fresh funding round. In an interaction with businessline, Vinod Nambiar, MD, More Retail told businessline, “We believe we are one of the fastest growing online grocery businesses. Our business has started to fire on all cylinders and we are focused on building a profitable business. A significant portion of our sales comes from fresh and perishable products and we believe doing fresh well is our key moat.“ Read more
High efficiency solar modules manufactured in India have gained acceptance in various countries in the past couple of years, with the US emerging as a major market.
India’s solar module exports to international markets have grown manifold over the FY23-FY24 , as high-efficiency modules from India have gained acceptance in these markets, CareEdge Ratings said in a report.
“However, the USA remains the most lucrative market for Indian exporters, with over 95 per cent share in FY24, rendering its trade policies paramount for India’s solar equipment trade,” it added.
Read full report here
Nucleus Software, an Indian provider of digital lending and transaction banking solutions, has appointed Mukul Agrawal as Regional Sales Head for Southeast Asia (SEA). The announcement was made today as part of the company’s strategy to strengthen its senior leadership in the region.
Read full report here
Tata Consultancy Services (TCS) announced today an expanded partnership with Bank of Baroda to continue implementing its financial inclusion solution for the next five years. The deal aims to enhance banking services for unbanked populations across India.
Read full report here
Bharti Airtel reporting incremental an incremental Adjusted Gross Revenue (AGR) of ₹41 billion over market leader Reliance Jio’s ₹35 billion in Q2FY25, despite the tariff hike churn. While Airtel’s market share went up 19 per cent YoY, Vodafone Idea (Vi) continues its uphill climb as its market share dipped 14.6 per cent, as per an ICICI Securities report. This brings the industry AGR to ₹636 billion, a growth of 13.9 per cent YoY.
Read full report here
Air India on Thursday announced an order for 34 trainer aircraft to prepare itself for its massive fleet expansion over the next decade.
The order includes 31 single-engine aircraft from Piper Aircraft in the United States and 3 twin-engine aircraft from Diamond Aircraft in Austria. These will be used to train cadet pilots at its proposed flying training school in Amravati in Maharashtra.
Read full report here
Innov8, a startup flex space operator, has launched two centers in Navi Mumbai and Andheri. Each center, spans over 1 lakh square feet with a total seating capacity of 3000. Q Parc – the Navi Mumbai center is strategically located along the Thane-Belapur Road in Ghansoli, a key IT corridor in Mumbai.
Read full report here
Reliance Industries, which has spent about $6-7 billion in acquisitions over the last 4-5 years, is likely to spend that same amount or even top that in the next 3-4 years, with a significant amount on the new energy and retail businesses, sources said.
Read more
Kia India on Thursday said that it was working on CNG and other alternative powertrains for the Indian market and will launch at appropriate time, adding that the government should also reduce taxes including GST on passenger vehicles because 65 per cent of the cost of vehicles goes into taxes which a customer has to bear.
Read more
The start-up funding landscape is undergoing a significant shift, with an increasing number of micro venture capital (VC) firms. With large VC firms taking a step back and adopting a cautious approach, micro VCs are stepping in to fill the funding gap. These smaller funds are embracing higher risk levels, signaling a transformative change in the dynamics of early-stage investing.
Read full report here
Consumer durables maker Haier Appliances India is set to cross the ₹8,500 crore-mark in 2024 on the back of a strong summer season as well as festival season growth recording a growth of about 35 per cent. This makes India one of the fastest growing markets for the brand globally. The company said it has strong growth roadmap for 2025 with a focus on product innovations and expansion of manufacturing capacity to meet the evolving needs of consumers.
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Micromax Informatics, India’s home-grown consumer electronics brand, and Phison, an innovator in NAND controller and NAND storage technologies, have launched MiPhi, a strategic joint venture. To enhance GPU efficiency and deliver advanced NAND storage solutions, MiPhi will introduce the world’s lowest per-token cost and energy consumption for AI use cases, the company claims.
Read more
The new levy on mined mineral by the Karnataka government is all set to push up steel prices and squeeze margins at a time when large scale cheap imports are threatening survival of the industry.
Steel companies’ inability to pass on the costs to customers will dent their profitability.
Read more
Visteon Corporation, a US-headquartered global automotive cockpit electronic systems maker, has announced the inauguration of its new Global Capability Centre (GCC) in Kolkata, marking the company’s 7th technical centre in the country.
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Cupid Ltd, a leading manufacturer of condoms and FMCG products, has strengthened its Board with the appointment of four new directors.
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Despite cooling investor sentiments, the Indian tech sector has managed to attract $11.3 billion in 2024, third only to the US ($144 billion) and UK ($13.4 billion), as per Tracxn’s latest tech report. While the 2024 funding is 6 per cent higher than that of 2023, data shows that the number is still 56 per cent lesser than the funding received in 2022.
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India could be the next destination for Federal Express Corporation (FedEx), the world’s largest express transportation company, to set up its air cargo, its first fully automated hub, to connect intra-India and regional markets with global trade routes. FedEx is working with the government on regulatory changes to set up the hub, said its President, FedEx Middle East, Indian Subcontinent and Africa (MEISA), Kami Viswanathan.
Read more
ArcelorMittal Nippon Steel (AM/ NS India), a joint venture (JV) between ArcelorMittal and Nippon Steel, anticipates that nearly 80 per cent of its colour-coated product portfolio will consist of Optigal.
According to Ranjan Dhar, Director and Vice-President of Sales and Marketing at AM/NS India, the company has invested approximately ₹60,000 crore in the first phase of its expansion in Hazira and a part of the capex will go towards producing Optigal in the Indian market.
Read more
IT service provider Accenture beat Wall Street estimates for first-quarter revenue on Thursday, on the back of growing demand for its services to help clients adopt AI-powered tools. Shares of the company rose 5% in premarket trading.
Read more
Indian states’ fiscal outlook remains favourable in the current fiscal year on account of resilient domestic economic activity, which is expected to support revenue buoyancy, according to an RBI report. The report pointed out that states have contained the growth in revenue expenditures to 15 per cent during April-October, below the full-year budget estimate of 19.2 per cent.
Read more
Matix Fertilisers and Chemicals plans to double its urea production capacity by investing around ₹7,500 crore to expand its market share. The West Bengal-based fertilisers marker aims to increase the production capacity through a brownfield expansion at its urea plant at Panagarh Industrial Park. The current production capacity is 1.27 million tonnes per annum (MTPA).
Read more
Sterling Biotech Limited, a joint venture between Perfect Day and Zydus Lifesciences, has commenced construction of the “world’s first precision fermentation-based dairy protein manufacturing facility” at Bharuch in Gujarat.
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Zydus Lifesciences Limited has received final approval from the US Food and Drug Administration (USFDA) to manufacture Lidocaine and Prilocaine Cream USP, 2.5 per cent/2.5 per cent, the company announced today. The cream, which is a generic version of EMLA Cream, will be produced at the company’s topical manufacturing facility in Changodar, Ahmedabad.
Read more
A Salesforce report shared that 78 per cent of SMBs in India are using or experimenting with AI. The top three use cases are automated service chatbots, marketing campaign optimisation, and generating new content. Additionally, 93 per cent of Indian SMBs with AI say it increases revenue.
Read more
Honeywell has announced it has received a contract to provide building automation solutions to Exide Energy Solutions Limited (EESL), a fully owned subsidiary of Exide Industries Ltd, one of India’s largest battery makers.
Honeywell said it will equip EESL with digital solutions to help improve operational efficiency and deliver faster incident response, energy savings and increased security for the phase one of its new 80-acre lithium-ion gigafactory campus in Bengaluru.
Read full report here
Dell International Services India Private Limited reported a slight dip of 2 per cent in revenue for the financial year 2023-24 at ₹30,674 crore from the previous financial year. The fall in revenue can be attributed to the 21 per cent in manufacturing revenue, as per stock exchange filings accessed by Tofler.
Read full report here
The Tata Group-promoted Air India plans to offer passengers a premium lounge experience at Delhi airport, with the first of these modern facilities expected to be operational by mid-next year, sources told businessline.
Read more
KKR, a leading global investment firm, has made fresh investment in Rebel Foods, an internet restaurant company.
The investment made through different funds managed by KKR, will support the company’s growth, including its expansion in India and the West Asia besides adding more food and beverage brands into its portfolio.
Though the quantum of investment was not revealed, it could range between $60-75 million ₹510-₹637 crore), said sources.
Read full report here
OLX India, an online classifieds platform, has entered into a strategic partnership with online travel company EaseMyTrip to introduce travel booking services on its platform. The collaboration will integrate a new ‘Travel’ section on OLX, allowing its 35 million monthly active users to book flights, hotels, and holiday packages.
The shares of Easy Trip Planners Limited were trading at ₹16.59, up by ₹0.28 or 1.66 per cent on the NSE today at 1.03 pm.
Through this integration, OLX users will have access to EaseMyTrip’s travel services directly within the OLX platform interface. The partnership aims to offer exclusive deals and dedicated customer support for travel bookings. Read more
Footwear maker Bata India has decided to strategically partner with quick commerce platform Zepto to provide swift delivery of their fashion and festive footwear collections. The growing quick commerce market, with a CAGR of over 4.5 per cent, has driven a rapid surge in demand for fashion products, it added.
Read more
JSW Infrastructure, India’s second-largest private port operator, announced today a massive ₹30,000 crore capital expenditure plan for FY25-30 to expand its cargo-handling capacity to 400 million tonnes per annum (MTPA) by FY30.
Read full report here
Veranda Learning Solutions’ subsidiary Veranda XL has entered into a partnership with SRM Institute of Science and Technology (SRMIST) to provide on-campus Chartered Accountancy coaching through JK Shah Classes (JKSC), the companies announced today.
The shares of Veranda Learning Solutions Limited were trading at ₹250.49 down by ₹2.40 or 0.95 per cent on the NSE today at 11.45 am.
Read full report here
Even as the Asia-Pacific region saw a 3.6 per cent decline in overall deal activity during January-November 2024, India recorded an 11.7 per cent growth in deal volume compared to the same period in 2023.
Read more
Corporate India continues to grapple with significant gender disparity, particularly at senior levels of management, according to the second edition of the Mind the Gender Gap report.
The study, jointly conducted by CFA Institute and CFA Society India, paints a concerning picture of workforce diversity and pay equity.
It is based on a sample of voluntary Business Responsibility and Sustainability Report (BRSR) disclosures from 300 companies representing a workforce of over 8 million individuals.
Read full report here
Four startups have been adjudged finalists for the Panasonic-T-Hub Innovation Challenge to drive adoption and commercialisation of the cost-effective wired communication technology, Nessum WIRE, in India.
The four startups – Ayka Control Systems, GoVidyouth Mobility, PureLogic Labs India, Xeeed IO – will work closely with India Innovation Centre (IIC) and Panasonic Holdings Corporation (PHD) – Nessum teams.
Read full report here
Bangladesh’s interim government has accused Adani Power of breaching a multi-billion-dollar agreement by withholding tax benefits that a power plant central to the deal received from New Delhi, according to documents seen by Reuters.
In 2017, the company controlled by Gautam Adani signed an agreement with Bangladesh to provide power from its coal-fired plant in eastern India.
Read more
Federal Reserve Chair Jerome Powell said on Wednesday that the U.S. central bank has no desire to be involved in any government effort to hold large amounts of bitcoin.
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Federal Reserve officials lowered their benchmark interest rate for a third consecutive time but reined in the number of cuts they expect in 2025, signalling greater caution over how quickly they can continue reducing borrowing costs.
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Domestic airlines are pushing for the phased implementation of new duty norms for pilots, as these will increase crewing requirements and impact their schedules.
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MyTVS, a leading digital platform for the automotive aftermarket sector and part of Ki Mobility Solutions Pvt Ltd, has announced the launch of MyTVS Hypermart, a quick-commerce model designed to deliver auto parts in the B2B (business-to-business) space.
Read more
Logistics and warehouses developer Welspun One, is looking to raise ₹4,000 crore, to double its portfolio size to 32 million square feet (msf) by 2028 from 16 msf now.
The company said it is tapping investors including private equity firms and sovereign wealth funds, within Asia and outside, who have already shown considerable interest. The funds are proposed to be raised over the next 9-12 months.
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Bizom, the retail intelligence platform that optimises distribution processes for retail brands, has raised $12 million in series B funding round.
The round was led by Pavestone, which contributed $7.5 million, alongside participation from IndiaMART, an existing investor, and other family offices.
Read more
The overall export of oilmeals decreased to 27.51 lakh tonnes (lt) during April-November of 2024-25 against 29.64 lt in the corresponding period of 2023-24, registering a 7.15 per cent decline.
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The Employees’ Provident Fund Organisation (EPFO) has given employers the final opportunity to upload wage details until January 31, next year, as over 3.1 lakh applications are pending for pension on higher wages.
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Private equity (PE) deals in India have been on an even keel this year and looks set to just about top 2023 numbers, while mergers and acquisitions (M&As) have seen a spike late in the year due to a couple of large deals, and primarily domestic transactions.
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India Ratings and Research (Ind-Ra) expects the Indian economy to grow 6.6 per cent in FY26, with investments expected to be a key growth driver, like in FY22 and FY24.
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Even as talks on customers being able to withdraw their provident fund money from automated teller machines (ATMs) from early 2025 gain traction, no on-the-ground work has been initiated yet by banks, white label ATM operators and cash management service companies, sources say.
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Stock markets concluded Wednesday’s trading session on a bearish note, with benchmark indices experiencing a third consecutive day of profit booking ahead of the crucial US Federal Reserve monetary policy meeting. The Sensex tumbled 502.25 points or 0.62 per cent to close at 80,182.20, while the Nifty 50 dropped 137.15 points or 0.56 per cent to settle at 24,198.85.
Read full report here
Shares of fintech major MobiKwik today debuted on the National Stock Exchange (NSE) at ₹440 apiece, a premium of 58 per cent over the IPO price of ₹279, and ended trading at ₹528 apiece on the NSE, according to exchange data.
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Resilience AI, a climate risk and sustainability technology start-up, has raised $1 million in a seed funding round led by Kalaari Capital’s CXXO initiative, which invests in ventures led by women entrepreneurs. The round also saw participation from Java Capital. This funding will drive the development of Resilience360, offering end-to-end climate risk management solutions for private and public enterprises.
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Nestlé India on Wednesday said that withdrawal of most favoured nation (MFN) status granted to India by Switzerland will not impact it. Last week Swiss authorities announced the suspension of the MFN status following an adverse court ruling against Nestlé and other companies.
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Radhakishan Damani, the promoter of DMart, followed by Deepinder Goyal of Zomato and Sriharsha Majety and Nandan Reddy of Swiggy top the second edition of IDFC First Private Banking and Hurun India’s ‘India’s Top 200 Self-made Entrepreneurs of the Millennia 2024’.
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Shriram Finance Limited (SFL) has secured a landmark syndicated External Commercial Borrowing (ECB) loan totalling $1.277 billion, marking the largest such transaction for an Indian private non-banking financial company (NBFC). The loan, structured across multiple currencies including USD, EUR, and AED, was arranged with 12 leading banks, including the International Finance Corporation.
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Quanfluence, a provider of photonics-based quantum and quantum-inspired solutions, has raised $2 million in a seed funding round led by Pi Ventures. Golden Sparrow, Reena Dayal, and others participated in the round. Reena is also the Founder and CEO of the Quantum Ecosystems and Technology Council of India (QETCI).
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Gensol Engineering Limited has secured a significant 22 MW ground-mounted solar photovoltaic project from a leading steel products company in Punjab, the company announced on Wednesday. The project, valued at ₹88 crore, is set to be completed within a 6-month timeframe.
The shares of Gensol Engineering Limited were trading at ₹783.95 up by ₹11.55 or 1.50 per cent on the NSE today at 11.31 am.
The solar power project will utilize high-efficiency bi-facial solar modules, designed to maximize energy output and durability. This contract underscores Gensol’s growing expertise in the renewable energy sector, particularly in engineering, procurement, and construction (EPC) services.
Read full report here
Inox Wind Limited (IWL) has announced a 60 MW equipment supply order from Serentica Renewables, targeting the commercial and industrial (C&I) renewable energy sector. The contract, revealed on December 18, 2024, involves supplying 3 MW class wind turbines to be delivered in the first half of 2025.
The shares of Inox Wind Limited (IWL) were trading at ₹190.50 down by ₹2.19 or 1.14 per cent on the NSE today at 11.12 am.
Read full report here
The board of directors of Route Mobile Limited has approved re-designation of Rajdipkumar Gupta as the Managing Director (MD) of company, upon ceding the role of Group Chief Executive Officer (CEO).
Gupta will continue to be considered as key managerial personnel of the company in accordance with the Companies Act, 2013 and will focus on leveraging Proximus Global’s (Group) strengths in terms of global reach and product diversity to accelerate the growth trajectory for Route Mobile in particular and for the Group as a whole, the company said.
Read full report here
Of the three listings today, One MobiKwik Systems will be the most watched as the IPO saw an overwhelming response from all categories of investors with a subscription of nearly 120 times. The offer that came out with a price band of ₹265-279 a share received bids for 141.73 crore shares against 1.187 crore shares. The company has fixed the IPO price at ₹279, at the upper end of the price band. Market buzz is that the stock is likely to be listed around ₹400-410.
Read full report here
Of the three listings today, the IPO of Vishal Mega Mart was the largest at ₹8,000 crore. The initial public offering was subscribed over 27 times on the last day of the issue with bids coming in for over 2,064 crore shares as against the 75.7 crore shares on offer, thanks mainly to institutional investors. The IPO the came out with a price band of ₹74-78 and the company fixed the IPO price at the upper end. According to market buzz, that the stock is expected listed with a premium of about ₹18-20.
The quota for qualified institutional buyers was subscribed nearly 81 times while non-institutional investors’ over 16 times. Demand from retail investors was relatively muted being subscribed only 2.3 times.
Read full report here
Honda Motor Co. and Nissan Motor Co. are preparing to start negotiations on a possible merger, which ultimately could be expanded to include Mitsubishi Motors Corp., Japan’s Nikkei reported Tuesday.
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Multi-Factor Authentication (MFA) for using the updated versions of the E-Way Bill and E-Invoice Systems for all assesses will be made mandatory for all taxpayers from April 1 next year, an advisory on GST portal has said. Also, there will be new provisions for restricting the generation of E-Way Bill.
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Ambuja Cements, the cement and building materials company of Adani Group, announced on Tuesday that it will merge its subsidiaries Sanghi Industries Limited (SIL) and Penna Cement Industries Limited (PCIL) with itself. “This merger aims to make our company more competitive and efficient, ultimately enhancing shareholder value. Enhanced working capital management and internal funds will support the growth of our business operations. Unified cash flow management will pool resources for faster expansion and cost savings in administration and governance, thereby simplifying compliance requirements. This advancement through a larger entity will increase market competitiveness and deliver greater value to our shareholders,” stated Ajay Kapur, CEO – of Cement Business, Adani Group, in an official release.
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Infosys has launched a Google Cloud centre of excellence, powered by Infosys Topaz, to foster enterprise AI innovation. The centre will serve as a catalyst for co-creation and help businesses harness the power of GenAI for transformative growth.
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The threshold of large-cap stocks is set to touch ₹1 lakh crore against ₹84,000 crore logged in the last list announced in June with 11 mid-cap stocks classified as large-cap in the AMFI classification list to be announced in January. Interestingly, the four newly listed companies – Hyundai Motors, NTPC Green, Bajaj Housing Finance and Swiggy – will be classified as large-caps, according Nuvama Institutional Equities research.
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Attached property of economic offenders valued over ₹22,000 crore has been restored to public sector banks and other legitimate claimants, Finance Minister Nirmala Sitharaman told the Lok Sabha on Tuesday. She also disclosed that over 2 lakh assesses have declared their foreign assets in Income Tax Returns this fiscal.
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India’s State-owned helicopter services provider Pawan Hans (PHL) will deploy the ‘Make-in-India’ chopper Dhruv NG for offshore operations after bagging a ₹2,000 crore global contract from the national energy explorer ONGC, sources told businessline.
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India’s tech start-up ecosystem is witnessing a cautious recovery in hiring following mass layoffs in a difficult business environment. While this may only be the green shoots, the active demand for hiring tech talent with skilled professionals in areas such as AI/ML, data science, cloud computing, and cybersecurity is on the uptick.
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India’s tech start-up ecosystem is witnessing a cautious recovery in hiring following mass layoffs in a difficult business environment.
While this may only be the green shoots, the active demand for hiring tech talent with skilled professionals in areas such as AI/ML, data science, cloud computing, and cybersecurity is on the uptick.
Read more
Chennai-based Omexa Formulary Pvt Ltd plans to set up a new manufacturing unit for monoclonal antibodies and formulation products with an investment of ₹95 crore near Tindivanam, about 130 km South of Chennai.
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In a year marked by Bitcoin’s rise to $100,000, Bengaluru was the second-highest contributor to India’s crypto investments in 2024, a CoinSwitch report noted. The city also emerged as a major contender in the Layer-1 category, commanding 49 per cent of the action.
More read
Micro-VC Gemba Capital looks to invest in nearly ten investments in 2025.
According to Adith Podhar, Founding Partner of micro-VC firm Gemba Capital, the firm will allocate four investments from Fund I and 4-5 from Fund II.
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The Infrastructure Development Corporation of (Karnataka) Limited (iDeCK) report is expected to be released within a week, confirmed M.B. Patil, Minister of Large and Medium Scale Industries.
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RRP Electronics, a leading player in the semiconductor industry, has signed a Memorandum of Understanding with AMB, Taiwan for production of advanced Memory Modules including SPI Nand, Micro SD, EMMC and SSD technologies.
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Abu Dhabi Investment Authority, which holds 9.17 per cent stake in Mindspace Business parks REIT, is looking to exit the REIT through a block deal for a little over ₹1,900 crore, sources said.
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2024 saw Global Capability Centres (GCCs) in India growing at a robust 16 per cent nationally, with the major cities vying with one another to attract and welcome MNCs.
The total number of GCC units in India grew at around 16 per cent in 2024 while the number of jobs grew by around 20 per cent, as per analysis of data from from ANSR Research, a consulting firm helping GCCs set up in India. As of December 2024, there are over 2,900 GCC units in India with some companies having multiple units across cities. The GCC workforce stands at around 1.9 million.
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Goa-based Latambarcem Brewers (LB Brewers) has inked a deal with Tata Group-owned aviation major Air India Express. As part of the collaboration, Latambarcem’s Ginger Ale and Rose Vanilla variants of Borécha will be served to travellers onboard Air India Express flights on major domestic routes.
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BN Group, a leading conglomerate with business interest in FMCG, edible oil and speciality chemicals sectors, plans to invest about $1 billion to expand its edible oil business in Africa.
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In an interaction with businessline, Karthik Srinivasan, Senior Vice-President and Head – Financial Sector Ratings, ICRA, shared his outlook for the banking sector. Excerpts:
With steady inflows and series of new fund offer, the inflows into hybrid schemes in the nine months of this fiscal has jumped 17 per cent to ₹1 lakh crore against ₹85,618 crore.
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India is among the top two markets in the Asia-Pacific region for Lenovo’s solutions and services group, said Fan Ho, Executive Director and General Manager, Solutions and Services Group, Asia Pacific.
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India is among the top two markets in the Asia-Pacific region for Lenovo’s solutions and services group, said Fan Ho, Executive Director and General Manager, Solutions and Services Group, Asia Pacific.
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Mangalore Refinery and Petrochemicals Ltd (MRPL) has commissioned its new ‘Bitumen production train’, powered by ‘Biturox’ technology from Pörner of Austria. A media statement said that this unit, with an annual capacity of 1.50 lakh tonnes, doubles MRPL’s existing Bitumen production capability.
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Carraro India, which provides axles and transmission systems for agricultural tractors and construction vehicles, has fixed ₹668-704 per share as the price band for its ₹1,250 crore initial public offer that is entirely through an offer for sale.
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Maruti Suzuki India Limited (MSIL) has said that work at its Kharkhoda (Haryana) site is progressing and the first plant with an annual capacity of 2.5 lakh units is expected to start operations in 2025.
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Nokia has partnered with internet service provider Ishan Technologies to deliver high-speed broadband services in Gujarat and Maharashtra. Nokia will provide network solutions to help the ISP provider with its services offered to retail and enterprise customers, said the company on Tuesday.
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Tamil Nadu has many strengths with the core being talent because of inclusion, equitable access and education for all that was legislated in the past. That’s why the state today produces about 20 per cent of India’s technology talent across all levels of education from ITI to polytechnic to engineering, even though the state has less than 6 per cent of the country’s population, said Tamil Nadu’s IT minister Palanivel Thiaga Rajan.
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Leading air-conditioner maker Daikin Industries on Tuesday said it is setting up a joint venture with Rechi Precision Co. Ltd, through its subsidiary, to manufacture, design, and sell rotary compressors in India and overseas markets. Daikin India’s subsidiary, Daikin Airconditioning India, will own 51 per cent of the JV, while Rechi Precision will own 49 per cent.
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Amazon, which claims to have created 1.4 million direct and indirect jobs in India to date, is on track to create 2 million direct and indirect jobs in the country by the end of 2025.
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Zomato’s global finance head Hemal Jain has stepped down from her position to pursue other opportunities. The company informed about this development in a BSE filing on December 16 as a disclosure of resignation of a senior personnel management member..
Diversified conglomerate ITC Ltd has fixed the effective date for demerger of its hotels business on January 1, 2025.
“ITC Ltd and ITC Hotels Ltd have mutually acknowledged that all the conditions specified in Clause 28 of the scheme have been fulfilled and satisfied… and accordingly, the appointed date and the effective date of the scheme shall be the first day of the following month i.e. 1st January, 2025,” ITC Ltd said in a stock exchange filing on Tuesday.
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The launch of the Employment Linked Incentive (ELI) scheme has been delayed as the Ministry of Labour and Employment is waiting for the Union Cabinet approval of the initiative that carries an outlay of over ₹10,000 crore for pushing job creation and employability, the Standing Committee on Labour, Textiles and Skill Development said in its report tabled in parliament on Monday.
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The GST Council is expected to consider a set of recommendations by a Group of Ministers on insurance products, which include lowering the GST rate on all individual health insurance policies to 5 per cent, extending the exemption on health insurance for senior citizens, and introducing pure term life insurance. However, the issue of rate rationalisation on a long list of goods and services may take more time to finalise.
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ArcelorMittal Nippon Steel India (AM/NS India), a JV between ArcelorMittal and Nippon Steel, is on course to commission its proposed hot strip mill in 2025 as part of its ₹60,000 crore expansion plans at Hazira in Gujarat. The facility will help AM/NS India increase its presence in the niche yellow goods segment (supplies for construction equipment OEMs).
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India’s goods trade deficit widened to a record $37.84 billion in November 2024 as goods imports spiralled, largely due to unprecedented gold imports during the month, according to data released by the Commerce Department on Monday.
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Zerodha saw its net profit and its revenues increase in the financial year ended March 2024, and also managed to trim its expenses. In FY24, net profit was up 89 per cent to ₹5,496 crore from ₹2,908 crore last fiscal year. Revenue from operations rose by 37.16 per cent to ₹9,372 crore or a little over $1.1 billion in FY24, compared to ₹6,832 crore in FY23.
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The Supreme Court judgment on ‘double taxation avoidance agreements’ in the Nestle case, coupled with the decision of the Swiss finance department to withdraw the most favoured nation status for India is expected to have a wider ramification on past investments made by Indian companies in Switzerland.
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Uttar Pradesh Chief Secretary Manoj Kumar Singh assured stakeholders in the electronics industry of timely disbursement of State incentives.
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A significant drop in shipping rates especially in the US-Europe sector has brought some cheers to the exporters’ fraternity. But many believe that this has come up at the most inappropriate time when the overseas markets are witnessing a slowdown
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Tamil Nadu Chief Minister Stalin did a virtual groundbreaking for the ₹1,500 crore Taiwan’s Hong Fu Industrial Group non-leather footwear manufacturing unit. The unit at SIPCOT Panapakkam Industrial Park in Ranipet District will employ 25,000 people.
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The Supreme Court has stayed in the ongoing proceedings before the Karnataka High Court related to legal challenges mounted by sellers of Amazon and Flipkart against the Competition Commission of India’s (CCI) 2019 investigation into alleged anti-competitive practices. Karnataka High Court was to hear the matter on Tuesday.
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With demand revival in the international markets, the two-wheeler exports from India are witnessing an uptick in the second half of the current fiscal year. Two-wheeler exports have risen by a fifth in the months July to November, aided by a low base and a recovery in demand across markets.
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Tech giant Google on Monday said it has appointed Preeti Lobana as its new Country Manager and Vice President for India.
A seasoned Googler with eight years of experience as Vice President of customer-centric solutions, Lobana will now spearhead Google India’s sales and operations, driving the company’s commitment to India’s burgeoning digital economy, the company said in a statement.
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Royal Orchid Hotels Limited (ROHL) has accelerated its hospitality expansion with strategic property launches in Gujarat and Goa. On December 16, the company unveiled Regenta Dwarka, its 13th hotel in Gujarat, strategically positioned near the famous Dwarkadhish Temple, targeting spiritual and leisure travellers.
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Zydus Animal Health & Investments Limited (ZAHL) is exiting its investment in Mylab Discovery Solutions Private Limited by selling its shares in the diagnostics company back to Adar Poonawalla’s Rising Sun Holding Private Limited, for the original consideration of ₹106 crores.
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Prime Securities Limited has acquired a 41.68 per cent strategic stake in Ark Neo Financial Services, the Chennai-based fintech company behind the loan-against-securities platform DhanLAP, the company announced on Wednesday. The total investment of ₹70 million will increase to over 50 per cent through optionally convertible debentures.
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Wholesale price inflation eased to 1.89 per cent in November, as prices of food items, especially vegetables turned cheaper, as per the government data released on Monday.
The Wholesale Price Index (WPI) based inflation was 2.36 per cent in October 2024. It was 0.39 per cent in November, last year.
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PC Jeweller Limited disclosed in its Postal Ballot Notice dated December 11, 2024, that it plans to issue 5.17 crore equity shares to its consortium lenders through a preferential allotment, converting part of its outstanding debt into equity.
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The US fraud case against Gautam Adani appears to be backed by documents that will help prosecutors make a strong case, legal experts said, but the tycoon is unlikely to be extradited to stand trial anytime soon.
Federal prosecutors in Brooklyn last month unsealed an indictment accusing Adani of bribing Indian officials to convince them to buy electricity produced by Adani Green Energy, a subsidiary of his Adani Group conglomerate, and then misleading US investors by providing reassuring information about the company’s anti-corruption practices.
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Dixon Technologies (India) Limited and vivo Mobile India Private Limited signed a binding term sheet on December 15, 2024, to establish a joint venture in electronic device manufacturing, with a primary focus on smartphones.
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APAC-focused private equity firm PAG, which recently signed an agreement to acquire Manjushree Technopack from Advent International for around $1 billion, would likely take the packaging company public over the next 15-18 months, sources said.
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Equity markets opened with a mildly negative sentiment on Monday, reflecting a complex global economic landscape and anticipation of key central bank decisions this week. The Sensex initially opened at 82,000.31, quickly sliding to 82,088.72, down 44.40 points or 0.05 per cent, while the Nifty50 index opened at 24,753.40 and subsequently dipped to 24,744.80, losing 23.50 points or 0.09 per cent.
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JSW Energy said it has achieved a locked-in renewable energy generation capacity of 20 GW, having secured 445 MW of projects in the commercial and industrial segment.
The company’s locked-in C&I capacity stands at 3.1 GW, including 2,654 MW of JSW Group captive capacity and 445 MW of third-party C&I capacity. Currently, the company’s operational C&I capacity is 488 MW.
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Around 4,000 listed companies in India reported a 6 per cent growth in revenue or gross sales during the financial year 2024, according to a report by the State Bank of India (SBI).
While the growth in revenue was moderate, the earnings before interest, taxes, depreciation, and amortization (EBIDTA) and profit after tax (PAT) saw a robust increase of 28 per cent and 32 per cent, respectively.
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State-owned NBCC Ltd is targeting to reach ₹1 lakh crore of consolidated order book by March next year from the current ₹84,400 crore as the company looks to expand business across India.
NBCC (India) Ltd is into Project Management Consultancy (PMC), Engineering, Procurement and Construction (EPC) and real estate businesses.
NBCC Chairman and Managing Director (CMD) K P Mahadevaswamy told investors, .the total order book at a consolidated level is ₹84,400 crore, of which NBCC’s share is about ₹70,400 crore.
The remaining is order book of its subsidiaries.
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GNG Electronics Ltd has filed preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering (IPO).
The proposed IPO is a combination of a fresh issue of equity shares aggregating up to ₹825 core and an offer for sale (OFS) of up to 97 lakh equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Saturday.
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Airlines are price takers as they do not have an influence on the prices they pay, IATA Chief Economist Marie Owens Thomsen has said and highlighted that carriers’ need to diversify their revenues which is complicated by slim profit margins as well as weak balance sheets.
In a fast-growing aviation market like India where the air traffic demand is on the rise, there are persistent concerns about airfare trajectory and suggestions from various quarters to make air tickets more affordable.
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India’s exports of petroleum products rose on an annual basis aided by higher outbound shipments of petrol, aviation turbine fuel (ATF) and fuel oil.
Xavier Tang, Market Analyst at Vortexa, said India’s refined product exports increased by 20 per cent year-on-year in October 2024, mainly due to increased gasoline, jet/kero, and fuel oil exports.
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The Centre has released ₹71,889 crore to States under various heads for FY 2024-25 based on the recommendations of the 15th Finance Commission (XV-FC), the Finance Ministry said on Sunday as part of its FinMin Year Review 2024 initiative.
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India has pitched at the WTO for stricter regulations on subsidies granted by countries that are engaged in high seas fishing activities, an official said.
Highlighting the stark disparity, an Indian document submitted at the World Trade Organization (WTO) has noted that it provides a modest $35 per fisher annually, compared to subsidies as high as $76,000 per fisher per year in some European nations.
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CareEdge Ratings expects the Central government to continue on the path of fiscal consolidation and projects India’s GDP growth to moderate but remain healthy at 6.5 per cent in the current financial year.
For the next financial year, 2025-26, it pegged India’s GDP growth at 6.7 per cent, in a webinar held on Economic and Sector Outlook for 2025.
Despite global uncertainties, CareEdge Ratings asserted that India will continue to hold steady in 2025.
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The Bharat Mobility Global Expo 2025 will be held between January 17 and 22 next year.
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The Indian startup ecosystem has undergone a dynamic evolution over the past decade, with major changes reshaping how private equity (PE) and venture capital (VC) firms strategise their exits from startups.
Traditionally, Indian stock markets were perceived as places for large, established companies to list and raise capital. However, they are now offering diverse opportunities for new-age startups to tap into public funding and provide impressive exits for early backers and investors, such as angel investors and venture capital firms.
The surge in exit activity via the public markets is a testament to this transformation, shaping exits in ways that have profound implications for Indian PE-VC strategies.
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Drug makers Aurobindo Pharma, Glenmark and Zydus are recalling products in the US market due to manufacturing issues, according to the US health regulator.
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In an era marked by a surge of new ventures in the commercial and service sectors, it is time for the manufacturing sector to achieve similar growth, said Chief Minister Pinarayi Vijayan while inaugurating the India International Industrial Expo 2024.
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India’s import of Russian crude oil dropped in November to its lowest level since June 2022 but the Kremlin continues to be the biggest source of oil for India, according to a monthly tracker report of a European think tank.
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The country’s coal import rose by 4.2 per cent to 162.45 million tonnes (mt) in the April-October period of the current financial year compared to 155.87 mt in the year-ago period.
Coal imports in October dropped by 14.4 per cent to 21.84 mt compared to 25.54 mt in the corresponding month of the previous fiscal, according to data compiled by mjunction services, a B2B e-commerce platform. Read more
The Indian tourism sector is expected to double in size to $523 billion in the next 10 years, according to World Travel and Tourism Council (WTTC) President and CEO Julia Simpson.
WTTC works with governments on issues of the travel and tourism industry, and is the global authority on the economic and social contribution of the sector. Read more
The Department of Expenditure allowed an extra borrowing ceiling of nearly ₹9.40 lakh crore to states in FY2024-25, the Finance Ministry informed on Sunday as part of its FinMin Year Review 2024.
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The US Fed interest rate decision, inflation data and FIIs are the key factors that are expected to drive stock markets this week, analysts said.
Also, global trends will also be tracked by investors for further cues, they added.
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Fund raising by Infrastructure Investment Trusts (InvITs) have fallen significantly in FY25 so far compared to last year partly due to lower awarding of road projects and partly because of regulatory delays in the transfer of assets to InvITs from parent entities and others.
Real estate investment trusts (REITs) however, have kept their fund-raising momentum more or less intact as they are busy adding to their portfolio.
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Major e-commerce platforms including Ajio, JioMart, Netmed, BigBasket, Tata Cliq, Tata 1mg, Zomato and Ola would adopt a Safety Pledge on the occasion of National Consumer Day 2024, to be celebrated on December 24, the Department of to Consumer Affairs said in a statement on Saturday. The Safety Pledge is a voluntary commitment by e-commerce platforms to detect and prevent the sale of unsafe, spurious and non-conforming products, cooperating with statutory authorities responsible for product safety, raising consumer product safety awareness among sellers, and empowering consumers on product safety. Read more
The robust foreign fund flows into India over the last 10 years has not been without reason. Thanks to India’s strong economic fundamentals, 34 per cent of the listed companies in the country India have delivered a Return on Equity of 14 per cent in the last 10 years. Read more
Major e-commerce platforms such as Zomato, Ajio and Ola will adopt a Safety Pledge on National Consumer Day on December 24 as part of steps to enhance product safety for online shoppers.
The voluntary commitment, announced by the Department of Consumer Affairs, aims to detect and prevent the sale of unsafe and spurious products on digital marketplaces, an official statement said.
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India’s exports to the United States have shown a consistent upward trend, valued at $77.5 billion in FY24, marking a growth rate of 10.3 per cent compounded annually (CAGR) over the last 30 years, according to a report by Bank of Baroda.
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Mukesh Ambani, the richest Asian, has announced the appointment of Ira Bindra as the new Group President of entire people, leadership and talent piece at Reliance Industries Ltd as he looks to pivot people policies at the oil-to-telecom conglomerate.
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Unlike the previous year, the 12 major ports in India have outpaced non-major ports in handling higher quantum of coastal cargo during the first seven months of the financial year 2025. Paradip, Jawaharlal Nehru Port and Mormugao have led the charge.
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With robust data centre (DC) demand fuelling expansion into India’s digital infrastructure, investment commitments in the industry are expected to surpass $100 billion by the end of 2027, according to CBRE report.
India’s Data Centre (DC) market is witnessing a surge in investment activity, with Maharashtra and Tamil Nadu emerging as the most preferred destinations.
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With the reliability of letters of credit being honoured by Bangladeshi banks coming down, Indian exporters are afraid that payments against their shipments might be delayed or not be made, resulting in a significant drop in export to neighbouring Bangladesh.
“Export out of India to Bangladesh has hit badly because the payment assurances have come down to a very low level. The exporters are not very sure about the reliability of the letters of credit being honoured by Bangladeshi banks on time,” Yogesh Gupta, Regional Chairman, Federation of Indian Export Organisations (FIEO), told businessline.
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Drugmaker Lupin acquires anti-diabetes trademarks Gibtulio, Gibtulio Met and Ajaduo from Boehringer Ingelheim International , strengthening its diabetes footprint in the country.
The trademark rights for these brands will be transferred to Lupin by March next year, Lupin said, without giving financial details.
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Indian alcobev company Blisswater Industries recently launched the limited-edition Yaksha Bluemoon Artisanal Whisky at the Bengaluru Duty-Free, Kempegowda International Airport. The company released 1,200 bottles in 2024.
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Government agencies have procured around 12 per cent of the sanctioned quantity of soyabean at minimum support price (MSP) till December 12 at over 4.15 lakh tonnes, even as the procurement window is set to close from end of this month in some states. Public procurement of soyabean at MSP is currently on in six states by the government agencies and the sanctioned quantity for procurement by the Agriculture Ministry is over 33.60 lakh tonnes.
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Indian-made foreign liquor (IMFL) major Radico Khaitan has announced that its flagship brand, After Dark Whisky, surpassed the milestone of one million cases in November 2024.
After Dark Whisky is the eighth brand to enter the millionaires club, following the footsteps of brands like Magic Moments Vodka, 8 PM Whisky, 8 PM Premium Black Whisky, Spirit of Victory 1965 Rum, Morpheus Brandy, Old Admiral Brandy, and Contessa Rum.
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In an interview to businessline, Sankey Prasad, Chairman and MD, India & Middle East, Colliers, talks the ongoing debate on price appreciation leading to a ‘bubble’, factors that will continue to drive demand for residential real estate including luxury offerings, and the commercial real estate market outlook.
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The Government of India has signed an agreement with the German state-owned development bank KfW for a loan of 340 million euros (₹3,044.54 crore) to support Phase 2 of the Bangalore Metro Rail Project.
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The Group of Ministers (GoM) on Compensation Cess likely to seek six more months for finalising its report. Originally, it was asked to submit the report by December 31.
“We may need at least 6 more months to complete the discussion and prepare the report,” Minister of State in Finance, Pankaj Chaudhary, who is also the Chairman of the 10 members group, told reporters here on Friday. The group has met twice so far. It is likely to update about progress so far to the GST Council and accordingly, the Council will decide about extension.
The Group of Ministers (GoM) on Compensation Cess likely to seek six more months for finalising its report. Originally, it was asked to submit the report by December 31.
“We may need at least 6 more months to complete the discussion and prepare the report,” Minister of State in Finance, Pankaj Chaudhary, who is also the Chairman of the 10 members group, told reporters here on Friday. The group has met twice so far. It is likely to update about progress so far to the GST Council and accordingly, the Council will decide about extension.
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Shares of Mahanagar Telephone Nigam Ltd (MTNL) fell 2.05 per cent to ₹57.33 on the BSE today, after the company had announced that it was unable to fund the escrow account for the semi-annual interest payment on its 6.85 per cent MTNL Bond Series, due on December 21, 2024. The company cited insufficient funds as the reason for this delay.
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Life Insurance Corporation of India has decreased its shareholding in equity shares of NMDC Ltd. from 7.615% to 5.598% of the paid-up capital of the said Company.
ICICI Bank board has approved a proposal for sale of 19% stake held in ICICI Merchant Services Private Limited, an associate of the Bank, subject to receipt of requisite approvals. Consequent to the completion of this transaction, IMSPL will cease to be an associate of the Bank.
SpiceJet has cleared all pending employee provident fund (PF) dues amounting to ₹160.07 Crore, spanning over two years, reaffirming its commitment to employee welfare and financial accountability.
The Securities and Exchange Board of India (SEBI) issued an administrative warning letter to HDFC Bank violation of norms related to the lender’s merchant banking activities, according to an exchange filing.
V-Mart Retail informed that SES ESG Research Private Limited (SES), a SEBI registered ESG Rating Provider, has assigned an Environmental, Social, and Governance (ESG) Score as 70.6 (Grade B+) for the Company based on the data pertaining to FY 2023-24.
Astra Microwave Products’ joint venture company Astra Rafael Comsys Private Limited has bagged ₹255.88 crore worth of order from Ministry of Defence for procurement of 93 numbers of additional sets of Software Defined Radios (SDR) LRUs with A kits, SBC 2 card and Network Centric Operations application for the Su-30 MKI fighter aircraft, by the Indian Air Force.
The Ministry of Petroleum & Natural Gas (MoPNG) is in favour of allocating a portion of the Oil Industries Development Cess (OID cess) to ONGC and Oil India (OIL), which will help in providing more capital to these companies to enhance exploration & production (E&P) activities.
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Insolvency appellate tribunal NCLAT had appointed state-owned NBCC as a project management consultant to complete debt-ridden realty firm Supertech Ltd’s 16 real estate projects at a cost of nearly Rs 9,500 crore, a move that will provide relief to thousands of homebuyers.
Within a gap of just two days, India’s leading major ports — Paradip in Odisha and Kandla in Gujarat — have crossed the 100 million tonnes (mt) mark in cargo handling this financial year. While Paradip port achieved the milestone on December 9, Kandla did it on December 11.
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Foreign banks anticipate a 25-basis-point rate cut by the Reserve Bank of India (RBI) in the February MPC meeting. November CPI inflation fell within the tolerance band and is expected to ease further, nearing the 4 per cent target by March 2025. Official data released on Thursday showed headline CPI inflation softened to 5.48 per cent year-on-year in November 2024 from a 14-month high of 6.21 per cent year-on-year in October 2024.
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Brookfield India Real Estate Trust said it has successfully completed a capital raise of Rs 3,500 crore (US$ 415 million) through a qualified institutional placement of units.
The placement saw strong demand from marquee long – term investors including a mix of foreign institutions, mutual funds, and life insurance companies. The issue marked the first REIT investments in India from the International Finance Corporation (part of the World Bank group) and Life Insurance Corporation of India. Other anchor investors included SBI Mutual Fund and ICICI Prudential Mutual Fund. The total demand secured from investors was over Rs 5,200 crore, of which Rs 3,500 crore was allotted
Ashok Leyland, a leading truck and bus maker, has announced a price increase of up to 3 per cent across its commercial vehicle range, effective January 2025.
Jubilant FoodWorks informed that Jubilant Bhartia Group, in the Press Release dated December 11, 2024, announced that they will be acquiring a 40% equity interest in Hindustan CocaCola Holdings Private Limited, India (‘HCCH’) through its entity Jubilant Beverages Limited.
Since the Company is not part of the proposed acquisition announcement, hence, no disclosure is required to be made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Neuland Laboratories has transferred final part of the property situated at Nanakramguda, Hyderabad, Telangana, admeasuring 1.75 lakh sq.ft. by way of perpetual lease, for a consideration of Rs. 23.45 crore.
Tata Consultancy Services (TCS) has partnered with Landis+Gyr, a leading energy management solutions company based in Cham, Switzerland, to deliver innovative, flexible energy efficiency solutions for utilities.
AVG Logistics has secured order from one of the most renowned cement companies in India. This major development would strengthen AVG’s market position and expected to add approximately Rs. 90 Crore over a period of 3 years to the company’s annual revenue started from Q3 FY 2025.
Goldiam International informed that the second store for retail operations of the Company situated at Shree Krishna Paradise CHS, Shop No. 12, Opp Tata Power Plant, Sector 12, Kharghar, Navi Mumbai, Maharashtra- 410210 opens to the public today i.e. on December 13, 2024 under brand name “ORIGEM”.
Ashok Leyland announced price increase up to 3% of its entire range of commercial vehicles, effective Jan 2025
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JK Tyre & Industries (JK Tyre) on Thursday said that Germany-based DEG—Deutsche Investitions—und Entwicklungsgesellschaft will provide a long-term loan of Euro 30 million to expand production capacities at the company’s site in Madhya Pradesh.
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The Ministry of Defence (MoD) on Thursday signed a ₹13,500 crore deal with Navratna PSU Hindustan Aeronautics Limited (HAL) to procure 12 Russian-origin Su-30MKI fighter jets to fill the Indian Air Force fleet strength deficiency.
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The bidding process features ThyssenKrupp Marine Systems partnering with Mazagaon Dock Shipbuilders Limited and a consortium led by Larsen & Toubro with Navantia.
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Contract manufacturing marketplace Zetwerk has received board approval to raise ₹565.5 crore in a funding round led by Khosla Ventures, according to market intelligence platform Tofler.
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FirstClub, a members-only rapid-delivery retail platform, has raised $8 million in seed funding co-led by Accel and RTP Global.
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Mobility app Uber has rolled out “Uber Moto Women”, a service it claims is the first of its kind in Bengaluru, offering women-only bike rides.
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French men’s apparel brand Celio India is targeting to add 100 stores in the next two to three years, according to Satyen Momaya, CEO of Celio Future Fashion.
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India and the Middle East are the largest markets for Zoho’s Finance Suite, Prashant Ganti, Head of Product Management, Finance and Operations BU, Zoho Corp shared. The company has also enhanced its finance suite in Mexico and Germany, among other markets.
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The rupee depreciated by 4 paise to settle at an all-time low of 84.87 (provisional) against the US dollar on Thursday, dragged down by negative domestic equity markets, outflow of foreign funds and rise in crude oil prices.
Forex traders said investors were awaiting cues from domestic inflation data to be released later in the day even as an elevated dollar index weighed on the Indian currency.
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India’s edible oil imports increased by 38 per cent in the first month of the oil year 2024-25 (November-October) due a significant rise in imports of RBD palmolein, crude sunflower oil and soyabean oil.
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